Did you know that there are financial incentives available to help your business make the switch to cost-effective and environmentally friendly electric vehicles?
There is no time like the present to begin doing your part in looking after our planet and helping to tackle climate change.
There are many changes that businesses can make to become more socially and environmentally responsible. But for businesses that operate commercial vehicles, switching from petrol or diesel to electric vehicles is a good place to start.
Electric vehicles are virtually silent and emit zero emissions, so making the switch will go a long way in reducing your business’ carbon footprint.
Aside from the environmental benefits, there are also plenty of financial incentives out there to reward businesses that decide to make the switch, so what’s not to like?
Low running and maintenance costs
As well as looking after our environment, operating electric vehicles can help to look after your business’ finances too. Whilst electric vehicles can be more expensive to buy, this cost is offset by their comparatively low running and maintenance costs, making them a cost-effective option in the long term.
Here are a few of the tax benefits that your business may be able to benefit from if it uses electric vehicles.
- Enhanced capital allowance benefits– Claim the entire cost of the vehicle against taxable profits.
- Exemptionsfrom the following:
- fuel duty
- vehicle excise duty
- company car tax
When purchasing an eligible electric vehicle for your business, you may be able to claim a discount using the government’s plug-in car grant.
Despite the grant’s name, it provides discounts for business’ purchasing electric cars, vans, motorcycles, mopeds, taxis and trucks, providing they are on the eligible vehicles list.
The grant is worth 35% of the vehicle price for electric cars (up to a maximum of £3,500) and 20% of the vehicle price for electric vans (up to a maximum of £8,000).
Need further help financing one or more commercial electric vehicles? Here at Richmond Asset Finance we provide a range of flexible vehicle finance and asset finance services to help you grow your business.
For more information about our services, or to discuss your requirements in more detail, give our team a call on 0113 288 3277.